Ethena has overtaken Ripple in stablecoin market capitalization growth, recording a $337.4 million increase over 24 hours compared to Ripple’s $39.6 million gain, according to Token Terminal data. This represents an 8.5-fold lead, creating a significant gap between the two issuers.
Ripple had previously topped the rankings with a $34.7 million increase in the prior reporting window. Despite losing the lead, Ripple’s latest growth of $39.6 million still marked an improvement of $4.9 million and secured second place. The ranking tracks 24-hour changes in stablecoin market capitalization rather than total outstanding value.
Other stablecoin issuers also posted positive growth: USDD added $13.9 million, Paxos $10.8 million, Ondo $4.2 million, OpenStandard $3.2 million, and UnitedStables $3 million. Combined, the seven tracked issuers grew by approximately $412.1 million, with Ethena alone accounting for about 82% of that total.
